The share market moved higher for the week as jobs data exceeded expectations and Asian markets rallied on improved Chinese trade data.
At lunchtime the ASX 200 was trading 40 points or 0.75% ahead at 5476 and on track to recoup most of yesterday's losses. Metals & mining was the pick of the sectors, rising +1.3%. Also strong: utilities +1.1%, industrials +0.8% and financials +0.7%.
The dollar bounced around a third of a cent after the 11.30am EST release of April jobs data showing the economy added 14,200 jobs and the unemployment rate held steady at 5.8%. Both figures were better than economists anticipated. The dollar was buying 93.7 US cents.
China's Shanghai Composite put on 0.62% after April trade figures soothed concerns that the economy was losing steam. Exports were 0.9% up from a year earlier and imports ahead 0.8% for a trade surplus of $US18.5 billion. Market predictions before the release were for a 3% decline in exports and a 2.1% drop in imports.
Hong Kong's Hang Seng gained 0.59% and Japan's Nikkei 1.08%. Dow futures were recently off six points or less than 0.1% after a mixed round of after-hours earnings this morning.
Crude oil futures dipped six cents this morning to US$100.87 a barrel. Spot gold was 20 cents stronger at US$1,290.20 an ounce.
Solid morning on the broader market, but the spec landscape is pretty quiet at present. Cleo must have the best pressed clothes in her neighbourhood. I got a nice bounce out of CPL, which is a share I like because whichever insto is selling down at least has the wit to let the price recover intraday now and then before he wallops it again. Like others here, I like the look of PDZ once the institutional profit-taking is done. Small position taken. Will consider adding if it puts in a proper reversal candle. Also taken a small 'hail Mary' in IBY and caught APN at support. (Skara - you and I seem to like swimming in the same shark-infested waters...)
